LK Bennett to expand in the Middle East
UK-based fashion retailer LK Bennett plans to open 12 to 15 stores in the Middle East over the next three to five years as it looks to expand outside of its home market, its CEO Robert Bensoussan has said.
The footwear and leathergoods brand hopes to capitalise on its increasing brand popularity among Gulf nationals, said Mr Bensoussan. “In this region we could have something like, if you take in total from Lebanon to Kuwait, I would say 12 to 15 stores over three to five years,” he said. “We are in talks with partners.”
“We have three clusters of foreign clients in London, which we are very important; one is European clients, another is a big cluster of American clients, and we have a huge Middle Eastern clientele in our stores buying mostly shoes and bags. So it felt like a natural step to expand in the Middle East.”
Mr Bensoussan’s private equity firm, Sirius Equity, acquired a majority share in the footwear and women’s wear retailer in 2008 in a deal said to be worth £80m. Sirius Equity has since revamped it, adding in new collections, as it looks to grow into international markets.
LK Bennett currently has 150 stores but expects to grow “very fast”, according to Mr Bensoussan. The firm recently opened its first UAE stores at Dubai’s Mirdif City Centre with franchise partner Jashanmal Group and plans to open at least four more outlets with Jashanmal.
“With Jashanmal we have the idea of opening two or three more stores in Dubai, we have a plan for Abu Dhabi and we are also looking at Kuwait,” he said. “With another partner we are looking at Qatar, maybe Egypt and we are discussing with a bunch of potential partners for Saudi Arabia and Lebanon,” he said.
